Cdl Board Fight Cools Undertaking Two New Ids
“Serious lapses” in corporate governance at City Developments (CDL) have come to a halt, says executive chairman Kwek Leng Beng in a second statement issued by the company. After a court hearing on February 26, it was announced that the recently appointed directors, Jennifer Duong Young and Wong Su Yen, will not exercise any powers until further notice. Kwek also stated that his son, Sherman Kwek, Philip Lee, Wong Ai Ai, and other directors will not take any further actions regarding their attempted changes to the board and management of certain CDL subsidiaries until further notice from the court.
The nominating and remuneration committee has been suspended from taking any further action, and CDL’s board committees and management of relevant subsidiaries are now safe from “further attempts to destabilize, dismantle and reconstitute them,” according to Kwek. He emphasized the importance of strong corporate governance in maintaining investor confidence and protecting shareholders’ long-term interests.
The events on February 26, which included a trading halt and last-minute cancellation of the company’s results briefing, were due to a disagreement within the board regarding its composition and constitution. However, CDL’s business operations remain unaffected and Sherman Kwek remains the group CEO for now.
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In an earlier statement, Kwek accused his son, Lee, Wong, and other directors of attempting to consolidate control of the board and the group. He had already filed court papers to address this “attempted coup” and will continue to explore all legal options to protect the interests of CDL and its shareholders. In the event that Sherman is removed as CEO, the current COO, Kwek EIk Sheng, will serve as interim CEO.
CDL’s last traded share price was $5.12 before the trading halt on February 26.